雙鴻科技 (Auras Technology) 2025 法說會簡報
Company Overview
- Founded: 1999
- Listed: 2005
- Capital: NT$918 million
- Business: All-round Thermal Solution Provider
- Slogan: HPC Thermal Solution Pioneer
Financial Highlights
Recent Performance and Results
Quarterly Product Mix (4Q23 - 1Q25)
| Category | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 |
|---|---|---|---|---|---|---|
| Server | 21% | 25% | 46% | 42% | 39% | 44% |
| PC | 45% | 44% | 34% | 39% | 40% | 35% |
| VGA | 27% | 24% | 15% | 14% | 16% | 17% |
| Others | 7% | 7% | 5% | 5% | 5% | 4% |
Quarterly Simplified Income Statement (NT$千元)
| Metric | 1Q25 | 4Q24 | QoQ | 1Q24 | YoY |
|---|---|---|---|---|---|
| 營業淨額 (Revenue) | 4,415,084 | 4,125,150 | 7.0% | 3,151,778 | 40.1% |
| 營業成本 (Cost of Revenue) | (3,206,927) | (3,197,290) | 0.3% | (2,380,467) | 34.7% |
| 營業毛利 (Gross Profit) | 1,208,157 | 927,860 | 30.2% | 771,311 | 56.6% |
| 營業費用 (Operating Expenses) | (644,715) | (576,342) | 11.9% | (442,066) | 45.8% |
| 營業利益 (Operating Income) | 563,442 | 351,518 | 60.3% | 329,245 | 71.1% |
| 營業外收入及支出 (Non-operating Income & Expenses) | 102,890 | 221,073 | (53.5%) | 166,917 | (38.4%) |
| 淨利 (Net Income) | 529,407 | 482,246 | 9.8% | 404,039 | 31.0% |
| 每股盈餘 (元) (EPS (NT$)) | 5.66 | 5.18 | 4.51 | ||
| Margins | |||||
| 毛利率 (Gross Margin) | 27.4% | 22.5% | 24.5% | ||
| 營業費用率 (Operating Expense Ratio) | (14.6%) | (14.0%) | (14.0%) | ||
| 營業利益率 (Operating Income Margin) | 12.8% | 8.5% | 10.4% |
Annual Simplified Income Statement (NT$千元)
| Metric | 2024 | 2023 | YoY | 2022 |
|---|---|---|---|---|
| 營業淨額 (Revenue) | 15,778,909 | 12,712,629 | 24.1% | 13,856,991 |
| 營業成本 (Cost of Revenue) | (11,752,813) | (9,707,706) | 21.1% | (11,134,759) |
| 營業毛利 (Gross Profit) | 4,026,096 | 3,004,923 | 34.0% | 2,722,232 |
| 營業費用 (Operating Expenses) | (2,115,455) | (1,628,625) | 29.9% | (1,548,933) |
| 營業利益 (Operating Income) | 1,910,641 | 1,376,298 | 38.8% | 1,173,299 |
| 營業外收入及支出 (Non-operating Income & Expenses) | 455,068 | 191,494 | 137.6% | 454,753 |
| 淨利 (Net Income) | 1,931,240 | 1,239,244 | 55.8% | 1,286,665 |
| 每股盈餘 (元) (EPS (NT$)) | 21.23 | 14.28 | 14.68 | |
| Margins | ||||
| 毛利率 (Gross Margin) | 25.5% | 23.6% | 19.6% | |
| 營業費用率 (Operating Expense Ratio) | (13.4%) | (12.8%) | (11.2%) | |
| 營業利益率 (Operating Income Margin) | 12.1% | 10.8% | 8.5% |
Business Segments
Products, Services & Technology
Liquid Cooling VS Air Cooling Comparison
- Air Cooling:
- 1U Height:
- HP Routing / VC with HP
- Chip Power < 350W
- 2U~5U Height:
- HDC (Heat Dissipation Component) / 3D VC / 3D Loop VC
- Chip Power < 500W, Chip Power < 1000W
- 1U Height:
- Liquid Cooling:
- Closed Loop: Power range 500W to 1500W
- Open Loop: Power range 1500W to 30K+W
Product Development History
- Theme: Future Technology, Guarantee Current Business Opportunities
- Timeline:
- 1999: NB (Notebook)
- 2005: VGA & Gaming
- 2015: Smart Phone
- 2019: Server & HPC
- 2022: Automotive
- 2025: Liquid Cooling Rack System
Global Factory Layout
- Taiwan (Headquarters)
- Chongqing Factory (2012)
- Guangzhou Factory (2006)
- Thailand Factory (2020)
- Hefei Factory (2013)
- Kunshan Factory (2002)
Outlook & Strategy
2025 展望 (2025 Outlook) - Product Mix (Estimated)
| Category | 2022 | 2023 | 2024 | 2025 (E) |
|---|---|---|---|---|
| Server | 23% | 23% | 39% | 60% |
| PC | 44% | 46% | 39% | 25% |
| VGA | 29% | 26% | 17% | 13% |
| Others | 4% | 5% | 5% | 2% |
Additional Data
Exhibition Information
- Location: Nangang Exhibition Center Hall 1, 1F
- Booth No.: J1016
Safe Harbor Notice
There are various factors which may influence statements or contents drafted within this presentation. Therefore, we strongly recommend the audience refer to the information published on the MOPS (Market Observation Post System) website in case any adjustment has been made.
Q&A
感謝! (Thank You!)